Part 8Intangible fixed assets
Chapter 1Introduction
Accounting rules and definitions
717Companies without GAAP-compliant accounts
(1)
If a company—
(a)
draws up accounts that are not GAAP-compliant accounts, or
(b)
does not draw up accounts at all,
this Part applies as if GAAP-compliant accounts had been drawn up.
(2)
References in this Part to amounts recognised for accounting purposes are references to the amounts which would have been recognised if GAAP-compliant accounts had been drawn up for the period of account in question and any relevant earlier period.
(3)
For this purpose a period of account is relevant to a later period if the accounts for the later period rely to any extent on amounts derived from the earlier period.